Blackstone has proposed selling up to a 25.03% stake in Indian real estate investment trust (REIT) Knowledge Realty Trust through an offer for sale (OFS). The proposed transaction includes a base offer of 16.69%, while Blackstone could sell an additional 8.34% if the issue receives excess demand.
The company has set the floor price at Rs 108 per unit. At that price, the maximum stake on offer would be worth approximately Rs 11,988 crore ($1.26 billion).
Knowledge Realty Trust, backed by Blackstone and Indian real estate developer Sattva Group, owns 29 assets across six cities. According to its website, the REIT has a gross asset value of Rs 67,400 crore, highlighting its significant presence in India’s commercial real estate market.
Following the proposed sale, Blackstone and its related entities currently hold a 46.51% stake in the REIT. The transaction could therefore substantially reduce Blackstone’s holding while unlocking significant value from its investment in the Indian real estate platform.
Knowledge Realty Trust made its stock market debut in August 2025. Since its listing, the REIT has gained approximately 10%, indicating positive market performance since its debut.
The proposed OFS comes as institutional investors continue to assess opportunities in India’s expanding REIT market. Moreover, Knowledge Realty Trust’s diversified portfolio across six cities and its sizeable asset base position it as a significant player in the country’s commercial real estate sector.
